Bridger Aerospace Group (BAER) investor relations material

Company Overview and Industry Trends

• Headquartered in Bozeman, Montana, the company operates the largest privately-owned fleet of Super Scoopers globally, specializing in aerial firefighting and surveillance.

• Demand for aerial firefighting is rising due to climate change, increased fuel loads, population growth, and a 2.1x increase in average acres burned per year over the last two decades.

• The company operates nationwide, integrating advanced technology and proprietary software to enhance firefighting effectiveness.

• Federal legislation and new funding are supporting wildfire mitigation and aerial firefighting resource expansion.

• The aerial firefighting market is projected to grow at a 6.9% CAGR, reaching $2.4B by 2033.

Fleet Capabilities and Operations

• Super Scoopers are high-demand water bombers, with six of ten U.S.-based units under federal contract and a total fleet of 20, including advanced sensor planes.

• Surveillance aircraft equipped with advanced sensors provide real-time situational awareness, fire modeling, and high-resolution imagery.

• The company recently expanded its fleet by acquiring two additional Scoopers from Spain, with plans for further expansion as parts become available.

• Aircraft maintenance is managed in-house, with staggered schedules and mobile repair units ensuring year-round operational readiness.

• Introduced dual-sensor King Air 350 in 2026, expanding surveillance capabilities and margin contribution.

Contracting, Revenue, and Financial Strategy

• Exclusive-use and multi-year guaranteed contracts now cover most of the fleet, providing stable revenue, upside through variable usage, and uncapped flight hours.

• 2025 revenue reached $122.8M, with 2026 guidance of $135–$145M and adjusted EBITDA of $55–$60M, representing ~20% growth and margin expansion to 41%.

• Fire suppression accounted for 65% of 2025 revenue, with modification/integration and surveillance contributing 17.5% and 14%, respectively.

• A $100 million deferred draw loan facility supports fleet expansion, with $75 million still available for new acquisitions.

• Preferred stock is currently PIKing at 6%, rising to 9% next year, with plans to pay it down as part of balance sheet improvement.